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Which of the Following Is the Dominant Economic System in the World

question 2

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Which of the following is the dominant economic system in the world?


Definitions:

Institutions

Structures or mechanisms of social order governing the behavior of a set of individuals within a given community, including laws, norms, and organizations.

Society

An organized group of individuals living together in a structured community with shared laws, traditions, and values.

Economizing Problem

The need to make choices about how to best use limited resources to satisfy unlimited wants.

Limited Resources

The economic principle that the available resources (such as time, money, and raw materials) are insufficient to satisfy all wants and needs.

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